New Street Research - Bharti Airtel (532454) New Street: Indian mobile 5G launch imminent, Bharti the likely winner

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New Street Research

Chris Hoare

EUR 8824.00 For Business Accounts Only

New Street: Indian mobile 5G launch imminent, Bharti the likely winner

The 5G auction is game-changing in Indian mobile in our view, with both Bharti and Jio doubling their spectrum holdings (excluding mmWave). This means 30 years of spectrum constraint is over. 5G will likely lead to a further improvement in Bharti’s market share and ARPU, suggesting the next leg of the share price story is about to launch.

15/08/2022 1 EN

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Bharti Airtel

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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New Street: Indian mobile 5G launch imminent, Bharti the likely winner

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

EM FWA-Watch S-Curve continuing to accelerate in India, with implications for EM generally

Indian Telcos & Towers News reports that the Indian government may voluntarily give telcos $12bn of relief on AGR liabilities would be a thesis-changing event. If it happens it would be probably the biggest ever positive regulatory decisio

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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